India-China talks on for setting up Asian Infra Investment Bank

"Preliminary" talks are on between India and China to set up an Asian Infrastructure Investment Bank (AIIB), Parliament was informed today.

"The bilateral talks between China and India on the matter relating to AIIB are in the preliminary stage," Minister of State for Finance Nirmala Sitharaman said in a written reply to the Lok Sabha.

She said China has invited India to be a part of or participate in the AIIB.

According to media reports, China had last year proposed setting up the AIIB with a capital base of USD 100 billion.

There are apprehensions among experts that AIIB would rival IMF, the World Bank and the Asian Development Bank (ADB).